Timeline

2012- NSE permits brokers to set up Colocation servers next to their main Trading
servers for a certain monthly payment .

Certain companies and brokers are now also allowed to login to the server before
others to provide an unfair advantage while trading.

2013 - Chitra Ramakrishna becomes the CEO of NSE

Early 2015 - Singaporean whistleblower “Ken Fong” writes to SEBI that preferential
access in NSE co-location services poses a threat to Indian trading.

Late 2016- Defamation Case filed against Suchita Dalal by NSE for releasing
sensitive information to public

Early 2016 - Chitra appointed Subramaniam Anand on the advice of Himalayan

Baba , who initially made 15 LPA but suddenly made 1.6cr after joining her team
without the approval of the HR department. His salary increases to 5cr/annum in just
2 years.

Late 2016- Defamation Case filed against Suchita Dalal by NSE for releasing
sensitive information to public

2017 - Chitra Ramkrishna, a founder-member of NSE, resigns as MD after spending

23 years with the stock exchange

April 2019 - Sebi directs NSE to pay over Rs 625 crore, acts against the two former
exchange chiefs

2022 - Chitra Ramakrishna gets arrested by CBI along with Subramaniam Anand
after years of investigation
 Clues -

1. Brokers and firms exploited the difference in latency for these traders and the
rest of the world for about 1-2 years.

2. Chitra’s experience and knowledge in finance gives her a popular name -

“The queen of the market”.

3. NSE commissions Deloitte Touche Tohmatsu India LLP (Deloitte) to conduct a

forensic audit of the Futures and Options (F&O) segment regarding the
whistleblower’s allegations - reveals shocking data about Chitra’s connect with
“Himalayan Baba”, claims that she released sensitive information to him via email.

4. Due to excessive cases and raids being done on NSE, many Chiefs and leaders
chose to resign knowing the risk at hand.

5. SEBI issues show cause notice to NSE and 14 others including Ravi Narain and
Chitra Ramakrishna for failure to provide a “fair and transparent marketplace”, to
“ensure equal, unrestricted, transparent and fair access to all persons without any
bias towards its associates and related entities” and failure to “establish a minimum
level of business/professional ethics” among key management personnel.

6.SEBI files cases on NSE to pay back to investors.

7. Algo traders and brokers notice flaws in the NSE trading system and use help
from officials at NSE to get insider information.they Learn about colocation servers.

8. Journalist Suchita Dalal who previously busted the Harshad mehta scam now
releases information about NSE which she got from Ken Fong , to the media

9. Suchita Dalal wins the case and is given 50L as compensation